Sunshine Metals (ASX:SHN) is initiating a drilling program at its Liontown prospect, part of the Ravenswood Project in Queensland, to determine the metallurgical and physical recoveries of existing oxide gold-silver resources. The program involves drilling 29 reverse circulation holes totaling 1,765m, intended to provide samples for metallurgical testwork and upgrade the inferred resource to indicated status. The Liontown prospect currently holds a resource of 21,000 ounces of gold and 307,000 ounces of silver, graded at 1.8 grams per tonne gold and 26 grams per tonne silver.
Sunshine Metals anticipates completing the drilling program early next month, with assay results expected in June 2025. Managing Director Dr. Damien Keys emphasizes the critical nature of this phase in determining the metallurgical characteristics of the Liontown resource, noting the company’s commitment to fast-tracking the development of near-surface gold resources to capitalize on current gold prices. The company is also advancing work at the Coronation deposit, refining induced polarization anomalies with electromagnetic surveys. Sunshine Metals is targeting shallow oxide gold resources at the Tigertown, Coronation, Liontown, and Plateau prospects for processing at nearby toll treating mills. The company’s strategy involves advancing resource classification through drilling and metallurgical testing, with a focus on near-surface gold opportunities.
